Cheddar, a live-streamed financial and tech video news site aimed at millennials, announced that it has raised $19 million in new VC funding at an $85 million post-money valuation. Axios spoke with company founder and CEO Jon Steinberg, who previously was president of BuzzFeed. What we learned:

Reach: Eight percent of all U.S. millennials have seen a piece of Cheddar content (90% of them within the past month), according to data compiled for the company by research firm Market Strategies International (which also does audience analytics for Cheddar rival CNBC). The figure was even higher in the 18-24 piece of that 18-34 year-old demographic, leading Steinberg to believe that the content is particularly penetrating on college campuses.

Take it as a compliment: Steinberg knows the criticism that financial news networks often are more "ambient television" than appointment viewing, but he doesn't see it as a negative. "That's what I aspire to be... we want people to look up and glance."

Distribution: Cheddar is available on all sorts of platforms, including Twitter, Facebook and its own apps, but Steinberg is partial to Sling, where his content sits next to CNN and Bloomberg TV. "We're positioned like a cable news network there... and those are our most engaged viewers." He also says that Cheddar ― which currently offers three of its eight daily hours for free ― either has signed contracts or is in discussions with every "skinny bundle" in the U.S., with expectations to launch in almost all of them by the end of Q1 2018.

Revenue: The company expects to do $1 million in June revenue, at which point it also would hit profitability. The new fundraising is basically about stockpiling cash, although there will be some new capital expenditures (each new studio costs between $700k-$900k). "It's not bad to have a bank balance."

Investors: Raine Ventures led the round, and was joined by AT&T, Amazon, Altice USA, the New York Stock Exchange, Broadway Video Ventures and return backers Lightspeed Venture Partners, Comcast Ventures and Ribbit Capital.

Go deeper

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,065,728 — Total deaths: 944,604— Total recoveries: 20,423,802Map
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,674,070 — Total deaths: 197,615 — Total recoveries: 2,540,334 — Total tests: 90,710,730Map
  3. Politics: Former Pence aide says she plans to vote for Joe Biden, accusing Trump of costing lives in his coronavirus response.
  4. Health: Pew: 49% of Americans would not get COVID-19 vaccine if available today Pandemic may cause cancer uptick The risks of moving too fast on a vaccine — COVID-19 racial disparities extend to health coverage losses.
  5. Business: Retail sales return to pre-coronavirus trend.
Ina Fried, author of Login
7 hours ago - Technology

Scoop: How the Oracle-TikTok deal would work

Illustration: Aïda Amer/Axios

An agreement between TikTok's Chinese owner ByteDance and Oracle includes a variety of concessions in an effort to make the deal palatable to the Trump administration and security hawks in Congress, according to a source close to the companies.

Driving the news: The deal, in the form of a 20-page term sheet agreed to in principle by the companies, would give Oracle unprecedented access and control over user data as well as other measures designed to ensure that Americans' data is protected, according to the source.

8 hours ago - World

How the EU plans to take on human rights abusers

Illustration: Sarah Grillo/Axios

Amid a global assault on human rights stretching from Belarus to Hong Kong to Yemen, the European Union signaled yesterday that it may act to deter corrupt kleptocrats and state abusers by hitting them where it hurts: their assets.

Driving the news: Europe's chief executive Ursula von der Leyen revealed in her first-ever State of the Union speech that she will bring forth a European Magnitsky Act, a sanctions framework modeled after a U.S. law that restricts malign actors' access to travel and the global financial system.